The shopping traffic peaks in the last two days before Christmas with the shops being open on Sunday, December 24, and traders expect that the increased traffic, which has already been recorded since the previous week, will also translate into income in their coffers.

As the president of the Piraeus Chamber of Commerce and Industry, Vassilis Korkidis, states to APE-MBE, “the expectation of the commercial world is that this year’s festive period will be better than the corresponding period of 2022, and everyone’s wish is that this year’s turnover will exceed last year’s 3, 83 billion and to move above 4 billion euros”.

He notes that it is clear that the market “warmed up” with the Christmas “gift”, but also with the additional aid that the government gave to households facing increased needs. “The amount of 800 million euros that was paid cumulatively last year is expected to increase to over 1 billion euros from the reduction of unemployment and the increase of wages in the private sector” estimates Mr. Korkidis and adds: “So we expect it to cover the family and social needs of the holidays, while it will also significantly boost consumer spending in the last working days of the year, so as to close the 2023 fund with a strong positive sign.

With the shops open this Sunday too, and with ally the weatherpeople will go out for their shopping, as noted by the president of the Athens Chamber of Commerce, Stavros Kafounis, speaking to journalists.

Regarding the prices in general, Mr. Korkidis noted: “I hope that the Greek market will combine again this year, both the good start of commercial traffic from the “Black Friday” offers, as well as the continuation during the holidays, up to the winter sales… We need to understand that keeping retail prices low is in all of our interests. The latest retail figures from the beginning of the year to date show an “inflationary” but encouraging turnover increase of at least 10% which in a period of prolonged accuracy is satisfactory.

Regarding prices, Mr. Kafounis said that as shown by ELSTAT’s data, not for food, but for durable consumer goods, clothing and footwear, the index moves in single-digit low growth rates of 1, 2 or 3%. ‘Well,’ he continued, ‘the market has very good prices and the effort made by commercial enterprises is clearly demonstrated.

Department stores and chain stores are “reading” the surveys with concern The Business and Retail Association of Greece has completed the 9th study recording consumer trends in retail, from which it emerges that, despite the noticeable improvement in rates, consumers consider that they are still not a satisfying time to make big purchases for the home, both themselves and in general.

Christmas table

Regarding the course of inflation, Mr. Korkidis notes that “it may show a decline in November to 3%, but the accuracy in food is raging at 9% and new ‘weapons’ are being sought to limit increases”.

Food and shelter, he notes, burden households, while businesses are hit by the costs of raw materials and transportation. The conditions that are being formed make it clear, he added, that households and businesses pay effort not only cope with the usual inelastic costs, but also with the increases, which they experience from the shocks of inflation.

For his part, the president of the Athens Chamber of Commerce, Yannis Hatzitheodosiou, speaking to journalists, stated that due to the christmas shopping – which citizens will do as much as possible – consumption in stores is expected to increase.

However, as he mentioned, food accuracy is still the biggest problem for householdsas they spend nearly 50% of income to buy basic necessities. And this means, he continued, that households’ disposable income for purchases of other items (e.g. clothing and footwear, gifts) is limited.

In the meantime, according to the estimates of the political leadership of the Ministry of Development, the “Household Basket”, which turned into a “Christmas basket” and the “Permanent Price Reduction” initiative, enable households and the Greek family to have access to lower prices as almost 1,300 different branded products from major suppliers have joined the “Permanent Price Reduction”.

Anyway, about the cost of the festive table (6-8 people)ESEE estimates its cost to range from 103.10 to 140.76 euros. In other words, this is a change of 10.8% to 11.4% compared to the corresponding table of 2022.

Consumers react to inflation with changes in their consumption behavior

Consumers are reacting to inflation with changes in their consumption behavior, according to the results of a recent Klarna survey. 84% of Greek consumers express their concern about their finances during the holidays, with 89% to prefer economical options. More than 15,000 consumers from 15 countries, including Greece, participated in the survey, which was carried out in collaboration with the research company Nepa.

Klarna’s study shows a significant impact of inflation on consumer behavior, with 89% of Greek consumers affected, surpassing the 67% global average. The study notes that 64% of Greeks are looking for affordable products because of it inflation. As the holiday season approaches, 84% of Greek consumers express concerns about their finances, in contrast to 71% worldwide.

At the checkout, 67% of Greek consumers find it difficult to decide which products to keep and which to remove from the cart. In addition, a 58% express concern about the debts from the credit cards during the holiday season, and 42% admit they are unlikely to pay off their credit card debt in full after the holidays.

Regarding the holiday spending budget, the study highlights that 39% of consumers intend to spend the most money on gifts, and 33% on food.

Regarding personal shopping ahead of the holidays, 44% of Greeks intend to buy new fashion and beauty productswhile 47% of them focus on shoes34% in casual clothes and 34% in products makeup.

More than half of Greek consumers intend to prioritize more economical products, reduce spending on non-essential items and buy fewer products compared to previous years. This reflects a conscious effort to adapt to economic difficulties and shows that consumers are informed before deciding to buy.

The results of the survey show that 52% of consumers in Greece plan to create a financial plan for the holidays and are committed to sticking to it. Also, 66% track their spending throughout the holiday season, recording all the expenses they incur.